Arincen - Markus Thielen, head of research at 10x Research, predicted that the price of Bitcoin could reach $116,000 before the end of July, driven by three key factors currently intersecting to support the world's largest cryptocurrency.
Thielen stated in a report released on Thursday that Bitcoin is currently testing the upper limit of its trading range, coinciding with what he described as a 'perfect storm' of catalysts, which include:
• Record inflows in Bitcoin spot ETFs,
• Rising political pressures on the U.S. Federal Reserve,
• An unprecedented decline in Bitcoin balances on trading platforms.
He added that U.S. ETF funds have attracted nearly $9.91 billion since the beginning of May, representing 20% of their total inflows since their launch at the beginning of 2024, reflecting strong institutional demand fueled by concerns about monetary policy trends.
Thielen noted that the pressures exerted by U.S. President Donald Trump on Federal Reserve Chairman Jerome Powell — including public calls for his dismissal — could open the door for appointing a replacement inclined to lower interest rates, which is considered an additional impetus for the rise of Bitcoin.
And on the technical side, he noted that Bitcoin balances on platforms have recorded a continuous decline for 98 days, the longest drop since 2020, a precedent that usually precedes strong upward waves due to decreased supply and increased buying pressure.
According to CoinMarketCap data, reaching the $116,000 level would represent an increase of 6.45% from the current price of around $109,000, and 3.6% from the previous all-time high of Bitcoin at $111,970.
